22 FDI Proposals Worth Over 3,951 Crore Cleared

The government has also cleared proposal of Religare Credit Investments Trust. It has sought approval for foreign investment up to 500 crore by Religare India Credit Assets Fund, Netherlands in the Class A units of Religare Credit Opportunities Fund Scheme I.

Other proposals which have been cleared include those of Gurgaon-based Baxter (India) (pharma firm), ARKRAY Healthcare (pharma), Verdant Telemetry & Antenna Systems (defence), Genpact India (IT) and Innisfree Cosmetics India (trading).

The finance ministry also said decision on nine FDI proposals, which were taken up by the FIPB on Aug 1, have been deferred. These companies include HBM Private Equity India, Intas Pharmaceuticals and Verizon Communications India Pvt Ltd.

Four proposals have been rejected.

Read More: 5 States Claim Half Of 4 Years' Investments In Public Sector